Libor (Barclays Interest Rate Manipulation Case)

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News about Libor (Barclays Interest Rate Manipulation Case), including commentary and archival articles published in The New York Times.

Chronology of Coverage

May. 27, 2015

Prosecutors in opening of Libor scandal trial portray former Citigroup and UBS trader Tom Hayes as greed-driven ringmaster of conspiracy to manipulate benchmark interest rates; cite 82 hours of voluntary testimony from Hayes in which he admitted to rigging rates and testifying against numerous friends and colleagues. MORE

May. 25, 2015

Trial is set for Tom Hayes, former Citigroup and UBS trader facing eight counts of conspiracy in relation to Libor rate-rigging scheme; indictment claims Hayes was ringleader among more than dozen traders involved in fraud; Hayes's trial carries added weight as regulators seek to justify billions in fines levied against banks in wake of Libor scandal, and to prove that individuals will be held accountable as well as institutions. MORE

Apr. 24, 2015

Deutsche Bank agrees to pay $2.5 billion to settle charges that it manipulated worldwide interest rates as part of Libor scandal; settlement is largest yet of its kind, and will include criminal guilty plea for British subsidiary at center of case; deal will require termination of certain employees, but no individual at Deutsche Bank has yet been criminally charged. MORE

Apr. 23, 2015

Deutsche Bank announces that legal proceedings will cost company 1.5 billion euro loss, or $1.6 billion, which will impact first-quarter earnings; reports have surfaced that bank is prepared to accept record penalty levied by United States and British authorities for its involvement in plan to rig London interbank offered rate, or Libor. MORE

Apr. 10, 2015

Authorities worldwide are expected to wrap up long-running probe into Deutsche Bank over rigged interest rates and extract more than $1.5 billion fine from bank, a record settlement over Libor manipulations; additionally, a Deutsche Bank unit will plead guilty to fraud. MORE

Mar. 15, 2014

Federal Deposit Insurance Corporation sues 16 big banks that set crucial global interest rate, accusing them of fraud and conspiring to keep rate low to enrich themselves; banks are accused of rigging London interbank offered rate, known as Libor; action seeks to recover losses rate manipulation caused to 10 banks that failed and were taken over by agency. MORE

Jan. 4, 2014

Canada's Competition Bureau is abandoning three-year investigation into whether global banks colluded to rig settling of Japanese yen London Interbank Offered Rates. MORE

Dec. 4, 2013

The European Union fined a group of global financial institutions a combined 1.7 billion euros ($2.3 billion) on Wednesday to settle charges that they colluded to fix benchmark interest rates. MORE

Nov. 16, 2013

Joe Nocera Op-Ed column praises tenure of outgoing Commodities Futures Trading Commission chairman Gary Gensler, noting that he clarified government's stance on the derivatives market and exposed the Libor interest rate scandal; holds that any doubts about Gensler based on his past as a Wall Street insider should be laid to rest. MORE

Nov. 1, 2013

Floyd Norris High & Low Finance column notes that Libor market has survived despite stream of scandals and revelations that it was a fraudulent benchmark; holds that regulators who wanted to change Libor have been outmaneuvered by those who did not want to risk damaging one of the biggest and most lucrative markets around. MORE

Nov. 1, 2013

Government-controlled mortgage company Fannie Mae sues nine of the world's largest banks, accusing them of colluding to suppress the Libor interest rate, and seeking more than $800 million of damages. MORE

Oct. 29, 2013

In a speech at the University of Oxford, William A. Ackman also spoke about his investments in J.C. Penney and his bet against Herbalife. MORE

Oct. 29, 2013

The bank is the latest lender to settle charges related to the manipulation of the benchmark interest rate. The chief executive also resigned. MORE

Oct. 23, 2013

The Dutch lender Rabobank said that various authorities had almost completed their investigations of its role in setting two benchmark interbank rates, Libor and Euribor. MORE

Sep. 25, 2013

The Justice Department also brought criminal charges against three former ICAP employees on Wednesday over their roles in manipulating the benchmark London interbank offered rate. MORE

Jun. 20, 2013

Tom A.W. Hayes, a former trader at UBS and Citigroup who is facing fraud charges, made his first appearance in a London court on Thursday. MORE

Jun. 19, 2013

Andrew Adam Newman Advertising column; Match.com dating Web site is teaming up with board game companies to sponsor game nights where singles can meet at restaurants and bars and get to know each other; company is planning 30 events in its top 25 most popular markets. MORE

Jun. 18, 2013

Britain’s Serious Fraud Office said on Tuesday that it had filed eight fraud charges against a former UBS trader in connection with the manipulation of the London interbank offered rate. MORE

Jun. 17, 2013

David Green, the director of the Serious Fraud Office, plans to revive the agency’s reputation with a criminal investigation into the rigging of the Libor. MORE

May. 5, 2013

Robert Diamond is seeking to reinvent himself nearly one year after he was forced to resign as chief executive of Barclays bank due to its role in Britain's massive Libor scandal. MORE

Apr. 5, 2013

Floyd Norris High & Low Finance column examines growing rift between European and American regulators concerning future of troubled London interbank offered rate; expresses support for Commodity Futures Trading Commission chairman Gary Gensler who is pushing to scrap Libor and replace it with market-based alternative. MORE

Dec. 5, 2012

Editorial contends deal that Swiss bank UBS is on verge of making with American and British authorities regarding its employees' manipulation of interest rates does not hold banks and bankers truly accountable for magnitude of their wrongdoing; warns cases like UBS show once again how behemoth banks are driven to recklessness and even illegal conduct in pursuit of profits. MORE

Sep. 28, 2012

Floyd Norris High & Low Finance column contends it is unlikely that the London interbank offered rate can be repaired, despite plans by top British banking regulator Martin Wheatley to establish a new, more independent group to set it; argues that the essential problem with such benchmark rates is that they are not based on observable transactions. MORE

Sep. 5, 2012

Scandal over global interest rates has states working to build a case for suing the nation's largest banks; state officials are combing through investments trying to determine how much may have been lost due to suspected manipulation of the London interbank offered rate, or Libor, which is used as a benchmark for trillions of dollars of financial contracts worldwide. MORE

Jul. 29, 2012

Gretchen Morgenson Fair Game column discusses how Libor, the London interbank offered rate at the center of an interest-rate rigging scandal, became the world standard; observes that in the 1990s, big brokerage firms pushed to have adjustable-rate mortgages tied to the Libor, instead of a much less volatile benchmark. MORE

Jul. 27, 2012

Floyd Norris High & Low Finance column argues that large banks, following JPMorgan Chase's hedging losses and the Libor scandal, are unlikely to regain their confidence and influence as quickly as they did after the 2008 financial crisis; contends that public disgust with the financial industry has greased the path for increased regulation. MORE

Jul. 23, 2012

Editorial welcomes reports of Justice Deparment plans to file criminal charges in 2012 against at least one big bank in connection with the scandal involving the rigging of the Libor while building cases against other banks and their employees; contends that while the Libor has been shown to be deeply flawed, the real issue is how to reform the banks, which have a bonus-driven culture that imperils the global financial system. MORE

Jul. 21, 2012

James B Stewart Common Sense column contends that the Justice Department should consider the record of Swiss banking giant UBS as it weighs bringing criminal charges in the unfolding Libor rate-setting scandal; notes that the government has favored nonprosecution agreements with UBS for financial crimes, strategy that has had little to no deterrent effect on repeat offenses. MORE

Jul. 20, 2012

Two London fund-raising events have become a public relations headache for Mitt Romney, as several of the events’ hosts are top executives at banks tied to the city's widening interest rate-fixing scandal. MORE

Jul. 14, 2012

Editorial cites significant evidence that the Bank of England, the Federal Reserve Bank of New York and other regulators received and ignored several warnings of Libor rate-rigging at Barclays in the years before the scandal broke; contends that cleaning up the financial system will require exposing and reforming regulatory failures that let banks run amok. MORE

Jul. 14, 2012

James B Stewart Common Sense column explores the Justice Department's decision not to prosecute Barclays for its involvement in the London interest-rate rigging scandal; contends that Barclays, which paid only a $450 million penalty, benefited from being the first bank to come forward and cooperate. MORE

Jul. 11, 2012

Eduardo Porter Economic Scene column says that the Libor scandal is surprising in its familiarity, as Americans are no longer shocked by bad behavior from large banks, and that the tepid public reaction is an indicator that trust in big business overall is in decline; holds Americans should be alarmed that corporate wrongdoing has come to be seen as the norm, insisting that capitalism cannot function without an element of trust in its institutions. MORE

Jul. 8, 2012

Gretchen Morgenson Fair Game column contends the Libor scandal involving Barclays points to a need for greater transparency in the world of finance; points out that Wall Street continues to balk, however, opposing a proposed Commodity Futures Trading Commission rule that would require pretrade price transparency in the swaps market. MORE

Jul. 7, 2012

Joe Nocera Op-Ed column contends that Great Britain's Libor scandal is shocking in the level of brazen collusion it involved, even in light of other large-scale frauds uncovered following the financial crisis; notes that the scandal has provoked little more than a shrug in America, where people seem to have become inured to high financial crimes. MORE

Jul. 7, 2012

Floyd Norris Off The Charts column explores supposedly risk-free lending supported by the London interbank offered rate system; asserts that Barclays had made a habit of lying about its Libor numbers long before the financial crisis began, a fact that has been revealed in the bank's recent settlements with regulators. MORE

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Steven Cohen, the chief of SAC Capital Advisors, has become a central focus of the government’s sprawling investigation into criminal conduct at hedge funds. The trail leading to SAC has emerged out of a cluster of cases, but Mr. Cohen has not been accused of any wrongdoing.